Nicosia, Cyprus. The Imperio Group has handed over a cheque for €1,980,450 to the Cyprus Land Development Corporation (Koag) during a formal ceremony. The group said the payment is tied to the licensing of a residential development.
Payment linked to planning compensation
According to an announcement released on Monday, the €1,980,450 payment was made on March 24 and represents financial compensation set by the Planning Authority for the licensing of the residential development undertaken by the group.
The development was approved under the Special Housing Incentive Scheme for Affordable Housing Production, which allows for enhanced development rights. The payment was described as a tangible and measurable contribution to state efforts aimed at ensuring adequate and affordable housing for all segments of the population.
Company statements on housing and cooperation
“Through the payment of financial compensation to Koag of this scale, real opportunities are created for young people, couples and families to acquire their own home,” said Imperio Group founder and chairman Yiannis Misirlis. “For us, this is particularly important, because access to housing is a key pillar of sustainable development,” he added.
Misirlis also said public and private sector cooperation is a decisive factor in addressing the housing crisis, adding that the payment confirms that solutions with measurable outcomes can be achieved.
“The participation in the Special Housing Incentive Scheme is a strategic choice with substantial development and social impact,” said Imperio CEO Nicholas Ayiomamitis. “We contribute to the creation of affordable housing while at the same time strengthening our projects,” he continued. “Through cooperation between the private and public sector, the stock of affordable housing increases,” he added.
What do you think the payment will mean for the availability of affordable housing in Cyprus?
